Asia was flat during their trading sessions and Europe had a slight negative bias.

Of importance is the fact that the S&P continued to maintain support on the long-term trend-line, as well as above the 10-day moving average. However, it was unable to close above the 20-day MA.

It is extremely important that the S&P doesn't get bogged down inside the descending price channel - defined below and most noticeable on the 30-min chart. A move above 1349 would dramatically increase the bullish outlook on this market.

Last two days have represented a slight dip in volume.

Watch-out for a break of yesterday's lows which would also represent a break of the long-term trend-line dating back to September '10.